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PLNT.US
id: 1000, Created by , Scout

Planet Fitness (PLNT) Consumer Complaints to States’ GAs and CEO Dismissal Case

  • In January 2023, a report alleged that financial irregularities in operations at Planet Fitness (PLNT) resulted in numerous consumer complaints to states’ AGs.
  • On it, $PLNT fell 4.5%, losing $317M+ of shareholder value.
  • In September 2023, Planet Fitness (PLNT) announced dismissal of CEO by the Company’s BoD.
  • On it, $PLNT fell 15,9%, losing $812M+ of shareholder value.
  • Investors may have grounds to suspect that Planet Fitness hid its financial practices irregularities, which led to their losses.
On January 19, 2023, The Bear Cave published a report alleging, that Planet Fitness overbilled customers and prevented them from cancelling their memberships, resulting in numerous consumer complaints to states’ AGs.

Then, on September 15, 2023, Planet Fitness announced that Company’s BoD had made the decision, and that the Company’s CEO would be stepping down, effective immediately.

On this news, $PLNT fell 4.5% and lost over $317 million of its market capitalization in January 2023 seriously damaging shareholders, and then $PLNT fell 15.9% and lost over $812 million of its market capitalization in September 2023, further damaging shareholders.

Considering all the information, investors might have grounds to suspect that Planet Fitness failed to timely disclose its unfair customer practices, which consequently led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
15 September 2023
Collecting participants…

Planet Fitness Inc

Planet Fitness, Inc., together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned...

    Ticker
    PLNT.US
    ISIN
    US72703H1014
    CIK
    1637207
    Sector
    Consumer Cyclical
    Industry
    Leisure
    Country
    USA
    Address
    4 Liberty Lane West, Hampton, NH, United States, 03842